Today only, Best Buy is offering buy-one-get-one free pricing on the 32GB version of iPhone 4S. The retailer is offering the pricing on both AT&T and Verizon Wireless versions of the iPhone 4S, but not on the Sprint variant.

The offer is only valid for new two-year agreements, and both iPhones must be purchased at the same time. It is not clear if Best Buy will price match prior purchases, theoretically one could threaten to cancel and return the iPhones today.

Best Buy is operating on special Christmas Eve hours today, open from 7 AM to 5 PM. You must visit a store to purchase the iPhones, Best Buy is not offering the BOGO deal online.

At half-off the purchase of two iPhone 4S’s, it’s by far the lowest price we’ve seen for iPhone 4S to-date. The maximum discount we have seen for iPhone 4S previously was $169 at Radio Shack.

Update: We can confirm that this was intended to be only for the iPhone 4. Best Buy created chaos this morning by issuing this nation-wide offer, despite many/most stores being depleted of 32GB original iPhone 4 units. Some stores began honoring the deal for the 4S, as droves of customers began filling the Best Buy Mobile kiosks, fearing a bait-and-switch complaint.

Best Buy has begun to alert stores, and we are now seeing this curtailed to just the original iPhone 4 at a national level. In Best Buy’s defense, the retailer was caught off-guard with a large supply of original 32GB units that became obsolete when all original iPhone 4 units were discontinued, and an 8GB iPhone 4 replaced them alongside the iPhone 4S.

This follows the confusion and woes for Best Buy, which earlier this week admitted many orders dating back to Black Friday simply would not be fulfilled or delivered by Christmas. PhoneNews.com can also confirm that Best Buy decided to not expedite orders to overnight shipping, instead shipping them via ground shipping… thus missing what would have otherwise been a successful Christmas delivery.

Christopher Price is the Founding Editor of PhoneNews.com. Today, he leads the team building Console, Inc. - a new kind of Android™ device. He still likes to pontificate... a lot. You can visit his personal blog at ChristopherPrice.net.